AGREEMENT
This AGREEMENT is made as of _________________, 1998 between The Chase Manhattan
Bank (the "Bank") and each of the trusts on behalf of each of the funds set
forth in Schedule A hereto (each, a "Customer").
WHEREAS, the Bank, the Customers and certain other investment companies have
entered into a Global Custody Agreement dated as of August 17, 1997 (the
"Custody Agreement") pursuant to which the Bank has agreed to serve as custodian
of the Customers' assets and, in connection therewith, to establish and maintain
a Custody Account and Deposit Account on behalf of the Customers; and
WHEREAS, the Custody Agreement provides that additional Accounts may be
established and separately accounted for upon written agreement between the Bank
and the Customers.
NOW, THEREFORE, the Bank and the Customers hereby agree as follows:
1. Capitalized terms used herein and not otherwise defined shall have the
meanings assigned to them in the Custody Agreement.
2. The Bank shall establish and maintain a separate
Account ("Portfolio Manager Account") for each
portfolio management firm ("Portfolio Manager")
appointed, including Portfolio Managers appointed
subsequent to the date of this Agreement, by the
applicable Customer to manage such Customer's Assets,
each Portfolio Manager Account to contain the Assets
allocated to that Portfolio Manager by the Customer's
investment manager, Liberty Asset Management Company
(the "Fund Manager"), as specified from time to time
in Instructions to the Bank. All Assets received and
delivered and all payments made and received for a
Customer's Custody Account or Deposit Account
resulting from investment decisions made by a
Portfolio Manager pursuant to Instructions to the
Bank shall be credited to or debited from the
applicable Portfolio Manager Account, together with
all investment earnings on the Assets in such Account
and all other amounts paid on or with respect to, and
all Assets received in exchange for, such Assets.
Such crediting and debiting shall occur at the same
time and in the same manner as with respect to the
applicable Custody Account or Deposit Account. All
other receipts and expenditures by a Customer shall
be allocated among the Portfolio Manager Accounts in
accordance with Instructions.
3. A Portfolio Manager Account shall be deemed an
"Account" for purposes of the Custody Agreement.
4. All notices, statements, Corporate Actions and proxies delivered by the
Bank to the Customers pursuant to the Custody Agreement shall also be
delivered simultaneously by the Bank to the appropriate Portfolio Manager.
5. In the event that the Fund Manager establishes
additional investment companies, or additional series
to existing investment companies, which are
multi-managed in a similar manner as the Customers
(the "New Customers"), and the New Customers become
party to the Custody Agreement, then the New
Customers shall also become party to this Agreement
and their Portfolio Manager Accounts shall be deemed
"Accounts" for purposes of the Custody Agreement by a
written instrument signed by the New Customer and the
Bank.
6. A copy of the Agreement and Declaration of Trust of
each Customer is on file with the Secretary of State
of The Commonwealth of Massachusetts, and notice is
hereby given that this instrument is executed on
behalf of the Trustees of each Customer as Trustees
and not individually and that the obligations of this
instrument are not binding upon any of the Trustees,
officers or shareholders of any Customer individually
but are binding only upon the assets and property of
a Customer.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.
Each of the Investment Companies
listed on Schedule A
By______________________________
Name:
Title:
THE CHASE MANHATTAN BANK
By______________________________
Name:
Title:
Schedule A
List of Investment Companies party to the Agreement
Liberty All-Star Growth Fund, Inc.
Liberty All-Star Equity Fund
Liberty Variable Investment Trust, on behalf of
Liberty All-Star Equity Fund, Variable Series
